Chapter 22:20 Sovereign Wealth Fund of Zimbabwe Act 10/2013 GAPP 12 12. The SWF's operations and financial statements should be audited annually in accordance with recognized international or national auditing standards in a consistent manner. GAPP 13 13. Professional and ethical standards should be clearly defined and made known to the members of the SWF's governing body(ies), management, and staff. GAPP 14 14. Dealing with third parties for the purpose of the SWF's operational management should be based on economic and financial grounds, and follow clear rules and procedures. GAPP 15 15. SWF operations and activities in host countries should be conducted in compliance with all applicable regulatory and disclosure requirements of the countries in which they operate. GAPP 16 16. The governance framework and objectives, as well as the manner in which the SWF's management is operationally independent from the owner, should be publicly disclosed. GAPP 17 17. Relevant financial information regarding the SWF should be publicly disclosed to demonstrate its economic and financial orientation, so as to contribute to stability in international financial markets and enhance trust in recipient countries. GAPP 18 18. The SWF's investment policy should be clear and consistent with its defined objectives, risk tolerance, and investment strategy, as set by the owner or the governing body(ies), and be based on sound portfolio management principles. (a) GAPP 18.1 Sub-principle The investment policy should guide the SWF's financial risk exposures and the possible use of leverage. (b) GAPP 18.2 Sub-principle The investment policy should address the extent to which internal and/or external investment managers are used, the range of their activities and authority, and the process by which they are selected and their performance monitored. (c) GAPP 18.3 Sub-principle A description of the investment policy of the SWF should be publicly disclosed. GAPP 19 19. The SWF's investment decisions should aim to maximize risk-adjusted financial returns in a manner consistent with its investment policy, and based on economic and financial grounds. (a) GAPP 19.1 Sub-principle If investment decisions are subject to other than economic and financial considerations, these should be clearly set out in the investment policy and be publicly disclosed. 25